Written By
Dung Master
on
Saturday, December 6, 2014
|
12/06/2014 06:26:00 PM

Padhle is a most famous world best education site in all over India. We provides best education service. Padhle provide many services:- Placement Papers,Previous

Years Questions Papers, GK Questions, Quiz, and Online Aptitude Test.

Types of Production Function

There are two types of production function

1- Short-run production function: It refers to production in the short-run where there are some fixed factors and some variable factors. In the short-run,production will increase when more units of variable factor are used with fixed factor.

2- Long-run production function: It refers to production in the long-run where all factors are in variable supply. In the long-run, production will increase

when all factors are increased in the production. Get Any Types Previous Years Questions Papers Available Here..

DISTINCTION BETWEEN VARIOUS ASPECTS OF PRODUCTION

Short-run versus Long-run

Short-run: Short-run refers to a period in which some of the factors of production like land and capital are in fixed supply and others like labour are in variable supply.

Long-run: Long-run refers to a period long enough to permit changes in all factors of production.